To source, produce and analyse accurate and reliable data locally, regionally and internationally to generate reports that inform the development of effective and efficient macro-economic policies.
Nationally, to be the most trusted source of macro-economic data, analyses and economic policy recommendations for Trinidad and Tobago.
The Economic Management Division (EMD), was established by Cabinet Minute on June 12, 2008 which, inter alia, provided for the functions of the former Coordinating and Monitoring Unit (CMU), Monetary, Fiscal and Trade Division (MFT) and Public Sector Finance Management Unit (PSFMU) to be consolidated into one Division.
- Client-centered – Our clients are at the center of our operations;
- Professional Development – Commitment to continuous learning.
Roles and Functions
The EMD comprises two independent Units:-
- The Debt Management Unit (DMU); and
- The Macro Fiscal Unit (MFU).
Debt Management Unit (DMU)
In accordance with international best practice the Debt Management Unit is divided into Front, Middle and Back Office operations.
The Front Office is responsible primarily for negotiation and execution of all public debt contacts, in respect of the Central Government, in addition to all Government Guaranteed debt of State Owned Enterprises and Statutory Authorities. Other functions of the Front Office include:
- Analysis, Evaluation and provision of recommendations for meeting the financing needs of the Central Government, State Enterprises and Statutory Authorities;
- Facilitation of all Legal Documentation in relation to Central Government and Government Guaranteed Debt Instruments; and
- Preparation of Technical Briefs and Reports on issues related to debt.
The Middle Office is responsible primarily for analytical work related to Public Debt management, including generation of debt statistics and projections to underpin debt management policies as follows:
- Preparation of the monthly Public Debt Position Report and Public Debt Service Report;
- Review and Update of Financing Tables for New and ongoing Projects; and
- Preparation of Debt Statistics for the annual Review of the Economy, reports to Cabinet, Multilateral Financial Institutions, International and Regional Credit Rating Agencies and other external and internal stakeholders.
The Back Office is responsible primarily for recording of all transactions related to Public Debt, including debt service, reconciliation, confirmation and settlement, and for maintaining the database of debt statistics (known as the Commonwealth Secretariat Debt Recording Management System (CS-DRMS) or Meridian System) that underpins all Public Sector debt management activities.
- Chairing and coordinating CS-DRMS/Meridian Working Group meetings of key stakeholders/users.
- Ensuring integrity and completeness of all data in CS-DRMS\Meridian.
- Maintaining the Procedures Manual for all Back Office activities.
- Providing training and technical support to other Divisions on the use of CS-DRMS/Meridian.
Macro Fiscal Unit (MFU)
The work programme of the MFU is also streamlined into three functional areas:
- Real Sector;
- Fiscal Sector and Monetary;
- Trade and External Affairs.
The core functions of these sub-units include:
- Econometric Model development; Macro-Fiscal Modelling and Statistical Analysis: macro-economic forecasting including Medium-term economic projections; and analysis of “economic behaviour”, market trends, risks and sensitivity analysis;
- Evaluation of fiscal sustainability and development of risk assessments;
- Development and co-ordination of a research agenda towards policy reform initiatives, including fiscal consolidation and fiscal vulnerability reduction;
- Participation in direct technical discussions and exchanges with various international and multilateral agencies including the IMF, World Bank, IADB, EU, ECLAC, and credit rating agency officials, on current macro-economic conditions and forecasts for the medium term, to inform their country findings and reports on Trinidad and Tobago;
- Coordination of technical, economic monitoring and surveillance visits by credit rating agencies, and multilateral institutions including the World Bank and the IMF;
- Preparation of periodic reports relating to macro-economic performance and outlook for the economy;
- Development and monitoring of medium-term targets for key macro-economic indicators including: Gross Domestic Product (GDP); Inflation, Unemployment, Fiscal Balance, Foreign Reserves, External Debt to GDP, Domestic Credit and the Public Sector Borrowing Requirement;
- Preparation of the annual Review of the Economy and provision of technical input and support;
- Guidance and support to the preparation of the annual budget and its execution;
- Provision of technical support and formulation of policy papers, comments and proposals to resolve and inform regional and international issues relevant to Trinidad and Tobago;
- Representation on Boards, Committees and Official Overseas Delegations with a focus on providing key macroeconomic technical input;
- Discharge of responsibilities by virtue of the Minister of Finance, holding the position of Governor/Director for Trinidad and Tobago in International Financial Institutions, such as, the International Monetary Fund (IMF), the World Bank, the Inter-American Development Bank (IADB), and Corporacion Andina de Formento (CAF); and
- Other important macroeconomic and macro fiscal functions, as well as miscellaneous and ad-hoc matters.
Economic Management Division
Ministry of Finance
Level 11, Finance Building
Eric Williams Financial Complex
Telephone: (868) 612-9700 ext. 5101